Three Jalan Besar Conservation Shophouses Going 42 Mil
A set of three 999-year conservation shophouses in the heart of Jalan Besar is looking for buyers at a price of $ 42 million. These three properties sit on a land area of 5,646 square feet and are jointly marketed by Shophouse Huat and JNA Capital Markets, under Propnex Realty.
The shophouse at 209 Jalan Besar is owned by a single owner while 211 and 213 Jalan Besar are owned by different owners. These properties can be bought together or separately.
The set of shophouses includes a three-storey and mezzanine corner shophouse at 209 Jalan Besar with a floor area of 5,502 square feet, and two two-storey shophouses connected by four-storey rear extensions at 211 and 213 Jalan Besar, bringing the total floor area to 8,760 square feet.
The first and second floors of the corner shophouse have restaurant approval, while the mezzanine and third floors can be used as office spaces. The first floor of 211 Jalan Besar is currently leased while the remaining floors are being used as office spaces. The top three floors of 213 Jalan Besar are also leased out as office space, with the ground floor having temporary approval to operate as a massage and spa establishment until January 2027.
The highly anticipated Sembawang Road Executive Condominium (EC) is situated in the northern region of Singapore, and is set to be a sought-after development. Perfectly situated between Sembawang and Yishun, this new EC boasts a tranquil environment while remaining well-connected, making it an ideal choice for families and young couples. These executive condominiums in Singapore are a unique blend of public and private housing, developed by private companies but sold under government-regulated eligibility criteria. With time, ECs are fully privatised, making them appealing both as residences and long-term investments. The upcoming Sembawang Road EC is no different and is predicted to attract a large number of eligible buyers due to its prime location, potential for capital appreciation, and the soon-to-be-completed infrastructure enhancements in the vicinity. For more information, visit Sembawang Road EC Canberra.
These properties are located in the Desker Road conservation area and the corner shophouse faces a busy intersection of Jalan Besar, Sam Leong Road and Maude Road. The corner shophouse has a 28-meter street frontage along Sam Leong Road, while all three shophouses have a combined frontage of 21.5 meters along Jalan Besar.
Investor sentiment has improved as the fear of a technical recession that was expected to affect the Singapore economy in the second half of the year did not materialize. Interest rates have also dipped slightly in the first half of 2025, leading to increased confidence among real estate investors and a surge in acquisition activity in the shophouse market. However, prices of prime shophouses in popular areas like Telok Ayer and Boat Quay have risen significantly, with some freehold shophouses now fetching average prices of more than $7,500 per square foot. As a result, buyers are showing resistance to these high prices and are instead looking at more affordable options in city-fringe locations like Jalan Besar and Farrer Park.
In March, a block of four adjacent conservation shophouses at 25/27/29/31 Jalan Besar was sold for $26.5 million. This standalone island plot spans 3,468 square feet and is located in the Little India Conservation Area. Each plot has a 999-year leasehold tenure and is zoned for commercial use.
Other shophouses in the area are also on the market, including the sale of 138/140/142 Jalan Besar for $27 million. These freehold two-storey shophouses with attics were previously listed for $30 million earlier this year. These adjacent conservation properties sit on a 4,353 square feet plot and have a total floor area of 10,318 square feet. These shophouses are also being marketed by Propnex.
Shophouse prices in the CBD are nearly double those in Jalan Besar, Kampong Glam, and Geylang. However, the wider Jalan Besar area has seen a transformation in recent years, with more trendy cafes, creative businesses, and boutique hotels popping up, adding to the area’s charm and heritage.
Investment firms, backed by overseas funds, and family offices with deep pockets are actively investing in shophouses in this area, looking for properties with potential for capital appreciation. These investors prefer well-located properties that offer both rental income and long-term capital growth potential.
In some cases, these repositioned shophouse assets are bought by institutional investors or family offices. These investors are looking for properties that can generate income immediately, offer decent returns, and have the potential for capital appreciation in the long run.
Shophouses with F&B approval are in high demand, as they can fetch higher rents. Features like good frontage, high footfall, and proximity to MRT stations and main roads are also sought after. As a result, average rents for F&B spaces in shophouses in Jalan Besar have increased to $8-$10 per square foot per month, while average rents for non-F&B shophouses in the area are approximately $6.50-$8.50 per square foot per month. Prime shophouse rents in the CBD have also risen to $12-$15 per square foot per month.
With the rise in demand for F&B outlets and amenities around Jalan Besar, shophouse owners are starting to adjust their price expectations to attract buyers. Good units in prime locations are still receiving strong interest and offers, but those that are less attractive may need to be priced competitively to attract buyers.
Recent sales and ongoing market activity in the Jalan Besar area have led to increased asking prices. However, buyers are showing resistance to these high prices, leading to a shift in focus to more affordable options in city-fringe locations. This is evident in the number of shophouses being marketed for sale in Jalan Besar, including 8M Real Estate’s properties at Wanderlust Hotel and 109-117 Jalan Besar, as well as Clifton Partners’ portfolio of properties in the area.
The increase in residential developments in the vicinity, such as the 960-unit River Peaks I and II project and the 398-unit King George’s Heights, is also expected to boost demand for retail services, F&B outlets, and amenities in the area.
Overall, sentiment and demand for shophouses in Jalan Besar remain strong, with buyers seeking high-quality assets for investment. However, prices are expected to adjust in order to meet buyers’ resistance to high prices.